Central Iowa Builders Inc. entered into a contract to construct an office building and
plaza at a contract price of \($10,000,000.\) Income is to be reported using the percentage of completion method as determined by estimates made by the architect. The data below summarize the activities on the construction for the years 2001-2003. For the years 2001-2003, what entries are required to record this information, assuming the architect's estimate of the percentage completed is used to determine revenue (proportiona cost approach)?

Year 2001 2002 Actual Cost Incurred $3,200,000 4,300,000 to Complete Estimated Cost Percentage Completed- Architect's Estimate Project Billings Collections $6,000,000 25% $3,300,000 on Billings $3,100,000 1,600,000 75% 4,500,000 2,700,000 2003. 1,550,000 100% 2,200,000 4,200,000